MOOG AGREES TO BUY BOSCH PUMP BUSINESS

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MOOG AGREES TO BUY BOSCH PUMP BUSINESS
07 November 2000 - Moog Controls

Moog Inc. announced today the acquisition from Robert Bosch GmbH of the principal assets associated with the Bosch Radial Piston Pump product line. This business has annual sales of approximately $20 million in the design and manufacture of pumps that are often used in combination with Moog's industrial servovalves. This is a well-established product line, particularly with manufacturers of injection molding machines, one of Moog's major market concentrations. Therefore, this acquisition complements Moog's strategy of supplying customized sub-systems to the dominant machine manufacturers in target markets.

The opportunity for Moog to make this acquisition was triggered by the reaction of the European Community Anti-Trust Office to the merger of Robert Bosch GmbH Automation Technology with the Rexroth Division of Mannesmann. Moog will continue the operation of the Bosch manufacturing facility in Nuremberg and integrate the engineering and application staff into its Böblingen facility. Moog will also invite Bosch sales people to join the pump team. In total the acquisition counts about 135 employees.

Moog will pay 14.4 million German Marks in cash ($6.5 million) and will assume pension liabilities of approximately 3.6 million German Marks ($1.6 million).

The acquisition is expected to close near the end of the year or early in 2001. It is subject to approval from the antitrust authorities, and to final antitrust approval of the merger between Bosch and Rexroth.

'This product line fits perfectly with our technology emphasis and broadens the product base which we can offer our major customers,' said Harald Seiffer, General Manager of Moog GmbH.

Moog Inc. is a worldwide manufacturer of precision motion control components and systems. Moog's high-performance actuation products control military and commercial aircraft, satellites and space vehicles, missiles and automated industrial machinery.

http://www.moog.co.uk

About: Moog Controls
Moog Controls started life in the UK in October 1965 as Moog Hydra-Point, based in Cheltenham, England. This new subsidiary was set up to manufacture and market the Moog Hydra-Point machines in the UK, South Africa and European common market.

Nearly 40 years later, not only does MCL manufacture a suite of products for motion control applications, they are also active in the design and development of new and innovative solutions for precision control problems. Our team of highly skilled engineers can provide project support to assist our customers in the performance of a wide variety of applications including, motion simulators for training and entertainment, industrial gas turbine controls, plastics machinery controls, heavy industry, metal forming & pressing, and commercial and military ground vehicle controls.

All Moog subsidiaries are represented by regional sales engineers backed by comprehensive product and engineering support teams. Add to this the global presence of Moog and you are ensured a competent partner to deliver and service you and your customers needs.

MCL employs over 270 people on its Tewkesbury site, accommodated in 3 buildings, producing over 21,500 servovalves per annum.

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